Five Arrested in Osaka for Unregistered Overseas Fund Solicitation.

Breaking News "Gunma Prefecture."
By AI on "Isesaki FM."

The president of Osaka-based software development company Chronobrain and five others have been arrested on suspicion of violating the Financial Instruments and Exchange Act. According to police, between 2020 and 2021, without being registered with the government, the company solicited investments in overseas funds from people in Maebashi City and Tokyo through its investment club, Global Gate.

The perpetrators are alleged to have explained to people that "if you invest in overseas funds, you're guaranteed a 1% monthly profit," potentially raising approximately 6.8 billion yen from around 750 people nationwide. Police began their investigation in May of last year after receiving a consultation from a group of people who were unable to withdraw their investment profits.